The bailout that the US federal government pledged for the US financial institutions amounts to $8.5 trillion so far. This is due to the ever worsening credit crisis. The federal government is just trying to help boost the financial condition of the weakening institutions that was hit hard by such deadly assets.
The federal government seems to change the figure needed drastically as the pledge now reach more than $8 trillion as compared with the previous bailout announcement of $700 billion.
Nomi Prins is a journalist and Senior Fellow at Demos. She writes about politics, money and relationships. Nomi is the author of Other People’s Money: The Corporate Mugging of America and Jacked: How "Conservatives" are Picking your Pocket. Before becoming a journalist, Nomi worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
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